$BTC 's price witnessed high volatility this week, briefly dipping from $97,000 to $93,000 before making a sharp recovery and surging past $102,000, now trading above $103,000. This momentum signals renewed interest and confidence in the market.
U.S. Senate Blocks Stablecoin Bill
The U.S. Senate failed to pass the GENIUS Act — a bill aimed at regulating stablecoins — due to growing political tensions. Despite early bipartisan support, the bill was rejected in a 48-49 vote after Democrats withdrew over concerns about alleged crypto-related business ties with the Trump family. Industry leaders like Kraken's Head of Policy, Jonathan Jachym, are urging lawmakers to revisit crypto regulation efforts before August.
Ripple and SEC Reach Settlement
Ripple Labs has finally settled with the U.S. Securities and Exchange Commission (SEC), ending a prolonged legal battle over alleged unregistered securities sales. Under the settlement, Ripple will pay $50 million to the SEC, while $125 million held in escrow will be released back to the company. The SEC noted this as a step toward establishing clearer crypto regulations.
Celsius Founder Sentenced
Former Celsius CEO Alex Mashinsky has been sentenced to 12 years in prison after pleading guilty to fraud. This follows a massive $4.7 billion settlement between Celsius and the Federal Trade Commission (FTC), one of the largest in history. The case marks another significant enforcement action in the crypto industry following cases against FTX's Sam Bankman-Fried and Binance’s CZ.
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